Blocksmith Says: Same Same, But Not Different for BTC

18 May 2022

There has been very low volatility in crypto, and I have very little to add from yesterday’s commentary on Ethereum. Like its L1 rival, Bitcoin’s price is trapped in what looks like a bottom zone after a so far fairly feeble bounce. The preferred view is for a rise into that resistance line just above (US$33,200) and then a pullback, which I think should lead to a base and some more constructive price action. 

Notice how the moving averages are all neatly stacked above one another, from 5 day up to 40. This cascade pattern is often seen ahead of upside reversals. First price starts breaking up through the moving averages and then the moving averages themselves start crossing.

Blockhead Team
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